Disney faces a war on two fronts, but for both, its strategy is the same – a fortress-high share price.

Unfortunately for the company, its walls are crumbling.

Bob Iger, Disney’s president, tried to keep investors excited, or worried, about a possible Comcast takeover, saying Tuesday at an investor conference that a higher bid from the cable company was an “inevitability.”

But yesterday, Disney’s stock fell 78 cents, or 2.97 percent, to close at $25.45 a share. Comcast’s stock closed at $29.80, down 8 cents.

Based on yesterday’s stock price, Comcast’s offer would value Disney at $23.24 a share.

Dissident shareholders continued to grumble about Eisner.

Diane Disney Miller, Walt Disney’s daughter, has joined the fray, telling the Los Angeles Times that “it’s time to step down and let someone else come in for the future.”

A source close to Roy Disney and Stanley Gold, the two loudest critics, said they are considering their options, including calling a new shareholders’ meeting or filing lawsuits.

Another high-profile critic, the California Public Employees’ Retirement System, said its board would meet on Monday to discuss its options. “One thing is certain: We’re not going to go away on this issue,” a spokesman said.

Through it all, Comcast waits in the wings, trying to maintain a lower profile. Brian Roberts, the cable company’s president, said a Disney takeover wasn’t “a must,” in what some say was an effort to dampen his target’s share price.

“The real question is, where would Disney’s stock trade on its own should the offer go away?” said Aryeh Bourkoff, a cable analyst at UBS.